Karen Jones, Head of FICC Technical Analysis at Commerzbank, assessed the recent price action around the cross.
Key Quotes
“EUR/JPY charted an inside day yesterday and this does reflect a loss of downside pressure. We would allow for a near term rebound, but this is likely to find good near term resistance offered by the 127.57 August 2017 low and the 128.96 March low”.
“There is scope for a slide to the 124.08 December 2016 high. Between here and the 50% retracement at 123.40 we expect to see some profit taking. Below here would target 120.10/00″.
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